Knald has been around now for well over a year but not many people seem to have explored its baking abilities. I recently created a tutorial introducing and giving an overview of map creation using the GPU rendering method which allows for extremely fast, accurate Normal / Height Map creation as well as other important texture maps.
Real time feedback and robust controls are a major advantage this application delivers.
I highly recommend checking out this application and I hope the tutorial will be a great help to get you started.
Knald can be obtained here: